When is an Insurance policy more than just an Insurance policy? The answer is when it is a Universal Life Insurance policy. Universal Life insurance combines the protection of permanent life insurance coverage with a variety of investment options that can be tailored to suit your unique needs. The benefit of choosing Universal Life insurance is that it not only offers permanent insurance coverage, it also offers an opportunity for tax-advantaged investing.
Most Universal Life policies provide a high degree of flexibility which enables you to customize the policy to suit your needs. For example, Universal Life policies offer a great deal of options including, but not limited to, the following:
- Investment options
- Choice of death benefits
- Optional benefits and riders, which can include additional Term Insurance or an Accidental Death Benefit Rider
- Flexible ways to pay your premiums
- Innovative ways to access the value you accrue over the life of your plan, such as making a cash withdrawal, or in some cases using your policy as collateral against a loan
Everyone has their own unique needs for considering insurance. The following are a list of reasons why a UL policy might be a suitable product for you:
- Do you need insurance protection?
- Are you in need of estate planning?
- Have you already made your maximum annual RSP and TFSA contributions?
- Are you a business owner looking for a tax-efficient way to protect the value of your business?
